Commercial transactions: SunTrust Building purchased

The seven-story, 70,000-square-foot SunTrust Building on U.S. 41 in Naples was sold for $17.5 million by Al Kleban's Gulf Shore Associates to Steelbridge Capital.

Kleban purchased the building, at 950 N. Collier Blvd., in the mid-1980s.

The new owners plan some additional upgrades to the building.

The building is in Pelican Bay along U.S. 41, adjacent to the Waterside mall and Artis (formerly the Naples Philharmonic).

Mercato Residences LLC purchased 11.25 acres of vacant residential land at 9255 Mercato Way, Naples, in the Mercato Mixed-Use PUD, from The Residences of the Mercato Inc. for $13.5 million for future development.

David Stevens, CCIM, of Investment Properties Corp., negotiated this transaction for the seller. Howard Gutman, Premier Commercial, negotiated this transaction for the buyer.